Bitwise liquidates Dogecoin ETF after 10 months
Dogecoin (DOGE)
Editor:
Eugene Serbin
tradersunion.com reports that Bitwise is liquidating its spot Dogecoin ETF, with the final day of trading on the NYSE set for October 14. Investors can sell shares until the market close on that date, with remaining shareholders receiving cash payments based on the net asset value as of October 21. The company stated this move optimizes its product lineup to match changing investor needs.
The first U.S. spot Dogecoin ETFs launched in September 2025 but failed to attract substantial capital despite initial interest. SoSoValue data shows total net inflows into all spot Dogecoin ETFs reached only about $318,000 in August, following a small net outflow the previous month. Total trading volume for these funds since launch is roughly $300 million, lagging behind Hyperliquid’s $2.1 billion, Zcash’s $1.5 billion, and Chainlink’s $680 million.
Bitwise’s BWOW fund peaked at approximately $3 million in daily volume during its first week. Dogecoin trades around $0.084, holding a market cap of $13 billion and falling out of the top 10 by value. The asset lacks fundamental foundations, with no hard cap and no developed ecosystem, as noted by CEO Hunter Horsley. Elon Musk previously drove interest through social media posts, but fading attention has hindered growth momentum.
How the market reacted
Whalio's own Binance spot order flow for DOGE, measured when this story was written up on 11 September 2026. Not the outlet's figures.
Whalio spot data shows DOGE trading at $0.08291 with a 24-hour buy ratio of 47.3%, indicating a slight bearish tilt. The 1-hour buy ratio sits at 46.7% and the 4-hour ratio at 48.2%, showing that short-term buying pressure is not building relative to the daily average. Volume delta is negative across all timeframes, with -$3,561,353 recorded over 24 hours, meaning sellers are dominating the flow. The Cumulative Volume Delta (CVD) for the 24-hour close is -$4,490,420, confirming sustained selling pressure. Net buying occurred in only 9 of the last 24 hours, while total spot volume reached $67,499,946. This flow indicates that market participants are actively distributing positions rather than accumulating.
The latest daily buy ratio of 37.6% sits at the 0th percentile of the last 322 days, against a median of 48.9% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for DOGE, averaged over the days leading up to the story.
The current 24-hour buy ratio of 47.3% is lower than the 7-day average of 50.2%, a drop of 2.9 percentage points. Volume is running at 0.77x the weekly average, indicating a quieter trading day compared to the preceding week. Over the past 8 days, the price has changed by -5.6%, with a total volume delta of +$1,341,597 recorded for that period. While the weekly trend showed net buying, today’s activity represents a deviation from that pattern. This is an unusual day for the coin, characterized by lower volume and reduced buying interest compared to the weekly baseline.